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Sports Direct reports strong profits and sales

Sportswear retailer Sports Direct has reported a “record” 15.6% increase in full-year pre-tax profits.

GENERAL MERCHANDISE

Sports Direct reports strong profits and sales

In the year to 27 April 2014, reported pre-tax profits grew to £239.5 million from £207.2 million in the previous year while group revenue climbed by 23.8% to £2.7 billion.

Within in the sports retail division, sales increased by 24.1% to £2.3 billion driven by the group’s acquisition of Eybl and Sports Experts AG in Austria, and Sportland International Group in the Baltics. Sports retail like-for-like gross contribution, which excludes online, increased by 10.5% to mark the fifth consecutive year of growth.

Sports Direct chief executive Dave Forsey said: "We have delivered another record year of out-performance especially within our Sports Retail division. This success is underpinned by our core strategy, offering our customers a wide range of products which represent exceptional quality and unbeatable value.”

Online revenue grew by 26.8% from £335.4 million in the previous year and now represents 17.1% of all Sports Retail sales.

Forsey said Sports Direct had performed in-line with expectations in recent weeks, despite the England football team’s early exit from the World Cup.

He added: “Overall trading since the year end has been in line with management's expectations with some stronger weeks offset by England's disappointing World Cup matches. Consistent with previous guidance, we continue to target underlying EBITDA (before share scheme costs) of £360 million for the current period."  

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